Mumbai: Life Insurance Corporation of India(LIC), India’s largest domestic institutional investor, stepped in to support Indian equity markets over the past month-and-a-half as foreign funds headed for the exit doors, spooked by a tax row, concerns over corporate earnings and volatility in global bond markets.LIC has invested about Rs.11,000 crore on a gross basis and at least Rs.8,000 crore on a net basis in stocks since April, said a top official in LIC’s investment department.This was a period when foreign institutional investors (FIIs) turned negative on Indian equities, pulling the benchmark BSE Sensex down 10% from the intraday record high of 30,024.74 it hit on 4 March. Hopes of a timely onset of the monsoon and expectations of an interest rate cut in June by the Reserve Bank of India (RBI) have subsequently helped the index recover.Since 1 April, FIIs have bought a net of $764.64 million in equities. But they sold $2.34 billion in 17 of the last 21 sessions. On 21 April, FIIs bought $2.6 billion, partly on account of a large bulk deal as part of which Japanese drug maker Daiichi Sankyo Co. Ltd sold shares in Sun Pharmaceutical Industries Ltd to investors including Temasek Holdings (Pte.) Ltd.A row over minimum alternate tax levied on foreign portfolio investors by the income-tax department, the slow pace of corporate earnings growth and volatility in global debt markets were blamed for the sell-off.On Monday, the BSE Sensex closed at 27,687.30, up 363.30 points, or 1.3%. The NSE Nifty closed at 8,373.65, up 111.30 points, or 1.35%. The index is still down 6.72% from its lifetime closing high of 29,681.77, hit on 29 January.Potential losses in the Indian market could have been worse had domestic institutions like LIC not been net buyers of equities.To be sure, LIC was acting in line with its contrarian investment strategy—of buying when the market is falling and selling when the market is rising.The share purchases were purely to take advantage of attractive stock valuations rather than to prop up the market or limit the downside, the LIC official cited above said on condition of anonymity.“The Corporation’s investment strategy is to acquire and maintain quality assets that will meet the liabilities accepted by the Corporation. Our investment strategy aims to meet the reasonable expectations of the policyholders along with the safety of the funds,” said an LIC spokesperson.LIC was not the only domestic institutional investor (DII) buying Indian equities when foreigners were selling.Since 1 April, DIIs (including LIC) have bought equities worth Rs.19,764.03 crore as investors used the correction as an opportunity to buy stocks at more reasonable valuations.On 7 May, Mint reported that India’s market valuations had fallen below the long period average (LPA) of 10 years at the end of April. Based on an analysis of current valuations when compared with the LPA, India was among the most reasonable markets across major global bourses.This attracted domestic investors back to the markets.“India’s relative under-performance since March 2015 has been stark—India’s premium to MSCI EM (emerging market) Index has dropped to 25% even as other markets have rallied. We can’t predict the absolute bottoms, but there are compelling ideas to be bought into in this fall,” securities house Edelweiss Research wrote in an 11 May report.The perspective is shared by LIC which, in an emailed response to Mint, said that it remains “bullish” on the Indian markets.At present, the insurer is largely investing in long-term, stable, fixed-income securities and index stocks to maintain a healthy risk-reward ratio, said the LIC spokesperson, adding that the state-owned insurer believes in a balanced investment portfolio, depending on the opportunities in the market.LIC typically channels 15-20% of its total investments into equity. In fiscal 2015, LIC bought equities worth at least Rs.48,000 crore from the markets.According to Insurance Regulatory and Development Authority of India norms, an insurer needs to invest at least 50% of its investable surplus in government securities, at least 15% in infrastructure development projects and companies, and the remaining 35% across equities, mutual funds, non-convertible debentures, commercial paper, certificates of deposit, collateralized borrowing and lending obligations (CBLOs), money market instruments and a few other approved securities.According to data from the Life Insurance Council, which groups life insurers in India, the total value of equity assets held by 24 life insurers at the end of December 2014 was at least Rs.6.31 trillion, of which LIC alone owned equities worth at least Rs. 4 trillion.“Insurance companies, being in the business of selling long term products, are well-positioned to take exposure in equities during market corrections as they can take a view on possible returns over a much longer horizon than other investor classes in the market,” said Harshad Patil, chief investment officer, Tata AIA Life Insurance Co. Ltd, which has a portfolio of at least Rs.9,500 crore in equity assets through insurance policies. “So this time, due to the recent volatility in the market all life insurers got opportunities to increase their long positions in stocks. Also, since we are bullish on Indian markets and its growth prospects in the next 5-10 years, it is logical for us to enhance our exposure in equities. Apart from investments from funds in unit-linked insurance products (Ulips), which happens at policyholder’s discretion, this time we got opportunities to invest from funds under traditional products also,” he added.In its response, LIC said that it had no preferred sectors in which to invest its corpus.“There are company-specific opportunities in every sector and we continue to invest in such stocks on the basis fundamental strength and valuations of the company. We take our investment decisions on case-to-case commercial basis,” LIC said in its response.Since benchmark indices hit all-time intraday highs on 4 March, real estate, IT and capital goods stocks have fallen the most. The BSE realty, BSE IT and capital goods indices have fallen 14.33%, 11.16% and 11.16% respectively since then, while the Sensex and Nifty have fallen 5.76% and 6.2% respectively.“The swift and savage correction in parts of the market over the past few days provides more options for the medium term. Some good-quality growth stocks in the automobiles and IT sectors offer reasonable valuations now and we would look at accumulating these stocks at current levels,” said Kotak Institutional Equities in a research note dated 27 April.

Introduction:It has been decided to introduceLIC’sNEW CHILDREN’S MONEY BACK PLAN (Plan No.832), which would be open for sale from 4th March, 2015.The Unique Identification Number (UIN) for LIC’s New Children’s Money Back Plan is 512N296V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc.).LIC’s New Children’s Money Back Plan is a non-linked, with-profits, regular premium payment money back plan specially designed to meet various financial needs of children through Survival Benefits. It provides for the risk cover on the life of child during the policy term and number of survival benefits on surviving to the end of the specified durations. The benefits and other details of the plan are given below.2. Benefits:The benefits payable under an inforce policy are as under:a) Death Benefit: On death Before the Date of Commencement of Risk:An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable.On death After the Date of Commencement of Risk:Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death. The premiums mentioned above exclude tax, extra premium and rider premium, if any.

b) Survival Benefit : On the Life Assured surviving on each policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the Basic Sum Assured on each occasion shall be payable provided the policy is in full force.c) Maturity Benefit: On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.d) Participation in profits:Depending upon the Corporation’s experience the policies shall participate in the profits and shall be eligible for Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation.Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.3. Option to defer the Survival Benefit(s):The policyholder will have the option to take the survival benefit (s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s)These factors are enclosed as Annexure - I This option shall be required to be intimated by the policyholder six months before the due date of the Survival Benefit (s) in writing.4. LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01)LIC’s Premium Waiver Benefit Rider is available on payment of additional premium. This rider can be opted for along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years.a) If this rider is opted for, in case of death of the proposer, the payment of the premiums falling due after the date of death shall be waived; b) The Premium Waiver Benefit shall be granted on the basis of the proposer's age, personal declaration and other related documents. In case it is found that any untrue or incorrect statement is contained therein or any material information is withheld, then and in every such case but subject to the provisions of Section 45 of the Insurance Act, 1938, as amended from time to time, all claim to the benefit shall cease and determine;c) The Premium Waiver Benefit shall not operate if the proposer (whether sane or insane) commits suicide within 12 months from the date of issuance of First Premium Receipt or within 12 months from the date of revival;d) The additional premium shall not be taken into account in arriving at the amount to be refunded in the event of death of the Life Assured before the date of commencement of risk and in calculating the surrender value of the policy;e) The medical report and special reports, if required, at proposal stage or on revival, shall be at the proposer’s own expense from the Corporation's appointed Medical Examiner;f) The revival of the rider will be considered along with the revival of the basic policy. The rider can be revived at any time but within a period of two consecutive years from the due date of the said unpaid premium or before the date of expiry of policy term, whichever is earlier subject to evidence of health and habits of the proposer to the satisfaction of the Corporationg) The Premium Waiver Benefit shall cease to apply if policy is in lapsed condition;5. Eligibility Conditions and Restrictions:

For Basic Plan(a) Minimum Age at entry for Life Assured : [0] years (last birthday) (b) Maximum Age at entry for Life Assured :[12] years (last birthday) (c) Policy Term : [25 – Age at entry] years(d) Minimum/Maximum Maturity Age : [25] years(e) Minimum Basic Sum Assured : Rs. [100] in ‘000’s(f) Maximum Basic Sum Assured : No LimitThe Basic Sum Assured shall be in multiples of Rs. 10,000/-Date of commencement of risk under the plan: In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.Date of vesting under the plan:The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

8. Grace Period for Payment of Premium:A grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment. If death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as inforce and the benefits will be paid after deductions of the said unpaid premium as also the unpaid premium/s falling due before the next anniversary of the policy.If the premium is not paid before the expiry of the days of grace, the policy lapses.If the policy has not lapsed and the claim is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from the claim amount. The above grace period will also apply to rider premium as the rider premium is to be paid along with Basic Premium.9. Rebates:Mode Rebate:Yearly mode : 2% of tabular premiumHalf-yearly mode : 1% of tabular premiumQuarterly and monthly : NILHigh Sum Assured Rebate:Basic Sum AssuredRebate (Rs.)1,00,000 to 1,90,000 Nil2,00,000 to 4,90,000 2 per thousand Basic Sum Assured5,00,000 and above 3 per thousand Basic Sum Assured10. CEIS Rebate:If an employee of the Corporation has taken the plan for the benefit of his/her child/children then he/she shall be eligible for a rebate on tabular premium under Corporation’s Employee Insurance Scheme (CEIS) provided policy is not taken through any Agent/ Corporate Agent/ Broker/ Direct Sales Executives etc and are as under:Policy TermCEIS Rebate13 and 14 years 5% 15 years & above 10%This rebate shall be applicable for both basic plan as well as on rider premium if opted for.

Life Insurance Corporation (LIC), the country’s largest insurer, could be the most valuable Indian company at Rs 4.5-5 lakh crore if it debuts on the bourses, as bankers have suggested to the Union finance ministry.

In 2012-13, the latest year for which data are available, LIC reported a revenue of Rs 3.26 lakh crore ($54.4 billion) and Rs 15.2 lakh crore ($253.9 billion) of assets under management. In 2013-14, the state-owned LIC reported first premium income of Rs 90,123.8 crore, a rise of 17.8 per cent over 2012-13 and a key metric for valuing insurance companies. Private Indian insurance companies, on the other hand, saw a four per cent drop in new premiums to Rs 29,517.4 crore in 2013-14.

Asian insurance giants like the AIA Group and China Life Insurance are, respectively, valued at around 41 per cent and 20 per cent of their assets under management. In slow-growing Europe and North America, insurers typically are valued at 10 per cent of their assets under management. American International Group (AIG), the world’s largest insurance company, is valued at 15 per cent of its assets under management (AUM). Taking an average of the shares of Asian insurers’ valuation in their respective AUMs as a yardstick, LIC’s market value is likely to be Rs 4.5-5 lakh crore.

At this valuation, floating 10 per cent of the LIC stock would fetch the government around Rs 50,000 crore. Analysts said an issue of this size would squeeze the secondary market and participation by retail and foreign institutional investors would be key.

“Life insurance companies, like mutual funds, are valued on their assets under management, their key source of revenue and profit. LIC will get a premium for being a market leader and for its huge investment portfolio accumulated over the past six decades,” said G Chokkalingam, founder of Equinomics Research Advisory.

In 2012-13, LIC’s investment income was Rs 1.04 lakh crore and miscellaneous income Rs 21,243 crore. It reported a surplus of Rs 1.49 lakh crore after paying all expenses, including claims, commissions, management and employee expenses and a five per cent valuation surplus to the government.

Conservatively, LIC can be valued at 3-3.5 times its first-year premium income, a typical valuation matrix for insurance companies. This pegs LIC’s market valuation at Rs 3-3.5 lakh crore.

“Life insurance companies (can also be listed) according to their appraisal value, which is a multiple of their first-year premium income. This is likely to be high for LIC, given its low expense, high market share and nationwide network,” said Ashvin Parikh, managing partner, Ashvin Parikh Advisory Services LLP.

Listing LIC, though, will not be easy. It was created in 1956 through a law and follows an accounting method that is different from private insurers. Before listing, it needs to be corporatized if the suggestion by bankers to the finance ministry is accepted. The proposal is for the government to hold 51 per cent in LIC and divest the rest.

Senior executives and a former chairman of LIC, however, said it would not be an easy process. A former managing director of LIC explained that when the government had earlier considered listing LIC, the trade unions had objected, citing pay and pension benefits available to government employees.

Another issue, the executives said, was the appointment of LIC’s senior management team, which is currently approved by the government. That, if the insurer is listed, will have to be done after shareholder approval. “This may require an amendment in the LIC Act to allow shareholders to take a call on appointment issues, though it may still largely be decided by the government,” said a former LIC chairman.

Transparency and additional disclosures were what would be the major game-changer, said former LIC executives. “Large equity and debt transactions conducted on a daily basis are not disclosed, since it is not mandatorily required. Once LIC is listed, this will undergo a change and we are not sure if the staff will be comfortable with the move, since there could be fears about particular investment decisions being questioned. So, listing proposals are easier said than done,” said a former LIC executive.

In 2004, the All-India LIC Employees Federation had expressed concerns over a report by an accounting firm that proposed corporatization of LIC and a possible listing. Some provisions also related to withdrawal of government guarantees on LIC policies. The Malhotra committee report had in 1994 proposed a similar concept for professionalizing the insurance sector.

According to the LIC Act, there is a sovereign guarantee on its policies. The Act says the sum assured by all policies issued by LIC, including any bonuses declared, will be guaranteed as to payment in cash by the central government. Hence, former LIC executives said, though the government might continue to hold 51 per cent in LIC, there was the question of whether the guarantee would continue. One way out could be retaining the sovereign guarantee on policies already issued and discontinuing it for new policies.

If this provision has to be removed, the LIC Act has to be amended in Parliament. While there earlier were talks of amendment of the LIC Act and removal of the guarantee, a Bill was not tabled fearing a public backlash.

Earlier reports by the insurance regulator and accounting firms said listing LIC would create a level playing field in the industry. But before LIC hits the market with an initial public offering, the government would be required to recapitalize the entity.

NEW DELHI: The country's largest insurer, Life Insurance Corporation (LIC), may pick up 5 per cent stake in state-run power equipment maker BHEL in a block deal. The proposal initiated by the heavy industries & public enterprises ministry is now being processed by the disinvestment and financial services department of the finance ministry.

The ministry has been opposed to stock market sale of BHEL's share by the government under its disinvestment programme that has been drastically pruned to Rs19,027 crore from Rs54,000 crore budgeted initially."The proposal has come from the heavy industries ministry. All concerned departments are examining it," said a government official, adding that the proposal will be placed before an empowered group of ministers by early next month.A senior official with LIC told ET that they have been unofficially made aware of the developments. "Well, if the government asks us there is little choice we have," the official said, adding that such a proposal, however, will have to be approved by the insurer's board. "That is the way it has to be," he said.The company's scrip, which had touched a 52-week low of Rs100.35 in August 2013, has since recovered smartly. It closed at Rs159.5 on the NSE on Tuesday. A 5 per cent stake sale in the company may fetch the government around Rs2,000 crore. The government is expected to approach only LIC, as the stake to be divested is 5 per cent and even if LIC picks up the whole stake, it will not breach the insurer's investment limit."There is no other financial institution except LIC which will be investing in the company," said another government official, aware of the deliberations. In August 2011, the Cabinet had cleared selling government's stake in BHEL through a followon public offer (FPO), but the stake sale has not progressed because of opposition from admin-istrative ministries. The government holds a 67.72 per cent stake in the firm."Market conditions are not suitable for the moment for such a valuable company to be sold in the openmarket," heavy industries & public enterprises minister Praful Patel had said earlier this month ruling out stock market sale of company's shares.The finance ministry is counting on stake sale in the company to reach its revised target. "We expect to reach this target through IOC, BHEL and the proposed ETF," said a finance ministry official, adding that, so far, the government has garnered around Rs5,600 crore through divestment procceds. ONGC and Oil India will buy 10 per cent government stake in IOC which is expected to fetch around Rs5,000 crore.

Life Insurance Corporation (LIC) of India has reported Unitech to the Reserve Bank of India (RBI) as a wilful defaulter, a senior official at India’s largest life insurance confirmed.Unitech, India’s fourth largest real estate developer, has defaulted on a Rs 200-crore loan it took from the insurance behemoth in 2007. News regarding the developer’s loan default first came out in December, when it claimed that it had agreed to pay Rs 70-80 crore to LIC.When contacted by FE, Unitech stated that it stands by the statement it had issued to all stakeholders last week.“...requisite steps have been taken by the Company to ensure no pendency with the Life Insurance Corporation of India that will be reflected in the financial results and/or financial statements, which are due at the end of this financial year,” Unitech had stated in a notification to the Bombay Stock Exchange on Friday.Unitech has now joined the list of Indian corporates which have been identified as wilful defaulters by Indian banks due to delays in repaying loans.One way the RBI defines a wilful default is when the unit has delayed on its repayment obligations even though it has the ability to pay the lenders. A wilful default is also declared when the unit has delayed repayment but has not used the funds for the specified purposes for which the loans were taken. Moreover, if funds have been siphoned off or if the moveable fixed assets or immoveable property underlying the loan have been disposed off by the promoter, without the knowledge of the lenders, it’s considered a wilful default.In December, the central bank released a set of guidelines to curb the stressed assets in the banking system and outlined the treatment to be meted out to wilful defaulters. These steps would make it more difficult for such defaulters to get additional loans from banks.Unitech’s income from operations for the quarter ended December 31 stood at Rs 398.98 crore, up 57% from a year earlier. The company’s net profit for the quarter was down 41% from the previous year, at Rs 23.10 crore.

Claim Settlement Ratio 2011- 2012: LIC of India was top where lic settled more approx 98% claims. For people looking to buy a term insurance plan, annual premium charged for the term plan and claim settlement ratio of the life insurance company are two very important considerations apart from other important considerations like their specific need, product features, customer service of the company etc.

The share purchase has increased LIC’s share in SBI to 14.99% from 12.15% earlier, the lender said in its filing

Mumbai: Life Insurance Corporation of India (LIC) bought at least 41.3% of the total shares that State Bank of India (SBI) sold on 29 January as part of it’s qualified institutional placement (QIP) offering, the bank’s filing with exchanges showed.The share purchase has increased LIC’s share in SBI to 14.99% from 12.15% earlier, the lender said in its filing.SBI sought to raise Rs.9,600 crore via a share sale to institutional investors in the domestic market, but managed to raise only Rs.8,032 crore, as foreign investors largely stayed away from the offering.LIC picked up a lion share of the offering. The filing showed LIC bought 21,208,275 shares of SBI. The bank earlier had said it sold 51,320,436 shares at Rs.1,565 apiece, implying that LIC bought 41.325% of the entire offering.SBI stock ended at Rs.1,524 on the BSE, up 1.31% from previous close, while India’s benchmark Sensex Index rose 0.34% to close at 20,380.77 points

SUMMARYChennai-based public sector lender Indian Overseas Bank (IOB) is seeking shareholders’ nod to raise R398 crore from Life Insurance Corporation

Chennai-based public sector lender Indian Overseas Bank (IOB) is seeking shareholders’ nod to raise R398 crore from Life Insurance Corporation (LIC) on a preferential share allotment basis.The bank will allot 8,15,00,000 equity shares of R10 each for cash at an issue price of R48.84 per equity share (including a premium of R38.84), aggregating to R398.04 crore. The bank has called for an extraordinary general meeting (EGM) on February 26 to secure the shareholders’ approval.Though IOB’s capital-adequacy ratio had improved to 10.99% after the government's infusion of R1,200 crore, it still requires close to R1,000 crore to meet the capital requirement this fiscal under Basel III. With the bank geared up to get R398 crore LIC, it will also look to other avenues like perpetual bonds to fill the gap.In a communication to shareholders, the bank said that though the LIC had agreed to subscribe to equity capital of the bank on a preferential basis to the extent of R426 crore, it would be only allotting shares of R398.04 crore to restrict their holding within 15%. “The capital raised would be utilised to shore up the capital adequacy of the bank and to fund general business needs,” it said. Currently, LIC holds 8.75% in the bank and after the issue of shares, it will go up to 14.77%. The main promoter, the government of India, holds 73.8% in IOB while the remaining 11.43% is held by the public.IOB reported a 35.56% drop in its net profit at R75.07 crore for the third quarter against R116.50 crore for the same period of the previous fiscal year.

ndividuals seeking to buy a Unit-Linked Insurance Plan (Ulip) from the Life Insurance Corporation of India (LIC) may have to wait a little longer for this product to hit the market. This is because LIC is currently in a wait-and-watch mode towards the Ulip segment and focused on strengthening its traditional product portfolio.

New guidelines for linked and non-linked insurance policies were implemented in life insurance from January 1, 2014 onwards. These rules made changes in the product structure and surrender benefits, making the product more transparent for the customer.

Under the new norms, life insurance companies had to stop selling existing products and introduce new ones. LIC, too, withdrew its products from the market and introduced new guidelines-compliant variants of the products including money back plans.

However, there has not been any Ulip product launch in 2014 under the new guidelines. Ulips constitute less than 10 per cent of the total product mix of LIC and the rest comprises traditional life insurance products.

The last time the life insurer launched a Ulip plan was in January 2013, that too after a gap of two years. The product, 'Flexi Plus', was a unit-linked assurance plan which provided a lumpsum benefit on death and also the maturity benefit irrespective of survival of the policyholder. However, with the new product guidelines being implemented, this product had to be replaced.

LIC, which has planned to launch 15-20 products in the first phase of the new product regime, has filed only traditional products with the Insurance Regulatory and Development Authority (Irda) and no Ulips. A senior LIC executive explained there was no urgency to launch a Ulip.

In December 2013 as well, LIC’s chairman S K Roy had said the insurer’s priority is to get traditional products in place.

Ulips, which used to be a darling of investors, took a beating following stiff norms set by the insurance regulator in September 2010, mandating a minimum mortality cover and increase in the lock-in period from three years to five years.

As a result, Ulip premiums, which accounted for 90 per cent of the first-year premium of life insurance companies, saw their share fall to less than 30 per cent. Recent data shows that the share of Ulips in LIC’s new premium is less than 10 per cent, down from over 70 per cent in the pre-2010 period.

However, LIC customers, especially the technology-savvy ones, have reason to cheer. For, the insurer has already filed an online term plan with the insurance regulator and, once approved, customers can purchase it online. The insurer already has an immediate annuity plan, Jeevan Akshay VI, which is fully online.